STEEL: The Daisy Chain

When he got out of the Army in 1946, Seymour
Waldman, 25, had no particular relish for his old job as a letter
writer in a Chicago mail-order house. Instead, he "studied up on
steel," and with $5,000 saved and borrowed, set up the Emergency Steel
Service Corp., a company dedicated to "easing the troubles of
businessmen with no established sources of steel supply." In short, he
became a grey-marketeer in steel. This year alone, Waldman, whose only
sales instrument is the telephone, took in $7,000,000, expects to end
1951 with a profit of $280,000.